The things some people believe!
Crestor, AstraZenecas' cholesterol lowerer, was initially touted by analysts as a $3 billion to $4 billion a year seller.
But sales, which totalled $1.27 billion last year, have not taken off as fast as hoped and the drug has failed to win significant share from Pfizer Inc's $12 billion blockbuster Lipitor, following controversy over its safety.
Their old CEO Tom "whatever it takes to make Crestor a success" McKillop promised a market share of 20%.
It has less than 8%!
Now the results of their 500 patient ASTEROID study are being touted as being Crestors' saviour.....they are expected at next weeks ACC meeting in Atlanta.
No doubt they will be positive and may even show some reversal in disease progression. Hence the behind the scenes PR spin.
But will the results affect Crestors poor sales performance?
One analyst thinks so: Michael Leacock of ABN AMRO said a positive study outcome could lead to upgrades in forecasts for Crestor and for the company's earnings.
"Should Crestor show a benefit, especially any reversal, even in a sub-group, this could re-ignite Crestor sales growth," he wrote in a research note.
It just proves the old saying: There is indeed one born every minute!
Insider believes that the rise in AZs' share price at the moment has little to do with Crestor and is much more to do with takover rumors..........Novartis, come on down!
Source: Ben Hirschler
2 comments:
perfectly predicted.
AZ have whipped up a frenzy in the lay news with nothing more than a whiff of benefit.
Where are the hard outcomes like morbidity,mortality?
Too true Jimbo. But what's a poor Big Pharma to do? They have to keep flogging this lame pony until it drops.
Would you take 40 mg of Crestor? I most certainly wouldn't!
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